Marketing, OB & HRM

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1. Please explain various types of partnerships.

Partnership generally comes in different forms and flavors and depends on the kind of business, risk associated, flexibility of partners, and external environment. It depends on the profit sharing agreement between the partners and liability and tax issue also come in the picture. Common type of partnership includes:

a) General partnership: n this all partners share the equal rights and responsibilities in the business and management. Each partner in general agreement responsible for full debt and obligation. One partner enters into the contract making the other partner bound to enter automatically into the contract. The profit of each partner making it taxable on individual basis.
b) Limited partnership: It constitutes of one general partner and one or more limited partner. Same as general partnership general partner takes full responsibility for debts and obligation of the business. The limited partner takes passive role in the business and management. The limited partner risk is limited to his investment in business.
c) Limited liability partnership: It depends on the individual state of law. In theory it is almost same as general partnership except that partners can't held responsible for the wrongful act of other partners.

2. What Max Weber's organization theory and explain his views.

Max Weber gave the bureaucratic theory of management. It says exercise of control on the basis of knowledge. Power is simply exemplified within the organization by process of control. Max Weber distinguish between the authority and power by defining the later as any relationship within which one person could impose his will regardless of any resistance from other whereas authority existed when there was believe in legitimacy of power. Weber is usually described as having believed that bureaucracy is the most efficient form of organization. Weber believed bureaucracy to be the most formally rational form of organization. Weber classified organization according to the nature of that legitimacy:
? Charismatic authority
? Traditional authority and
? Regional legal authority

Weber outlines the characteristics of bureaucracy as:
A continuous organization of official functions bound by rules
A ...